Navigating the Ascent Student Loan Process
Ascent Student Loan Application
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Submit Prequalification: To get started, borrowers fill out basic contact info, along with school info and co-signer details to get prequalified. Ascent performs a soft credit check to get your rate options, which has no impact on your credit score.
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Customize Loan Details: Once you choose a loan offer that works best for you, you’ll complete a full loan application. After approval, you can customize your loan details and select the loan terms that work best for your situation.
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Complete Open Tasks: After your loan details are selected, complete any open tasks in the Ascent portal to finalize your loan.
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Acceptance and Disbursement: When your loan is complete, Ascent will take care of disbursement. Funds are released directly to your school.
Terms, Fees and Conditions
Ascent offers repayment terms ranging from five to 15 years for undergraduate loans, and five to 20 years on graduate loans. Note that 20-year loans are only available with a variable interest rate. This flexibility allows borrowers to choose a term that best suits their financial situation and projected income after graduation.
Shorter terms generally mean that your monthly payment is higher, but that you save money on interest over the life of the loan. Longer terms result in lower monthly payments but higher total interest paid over the life of the loan.
A benefit to choosing Ascent is that they have no application fees, no origination fees, no late fees and no fees for early payments or early loan payoff.
Ascent Student Loan Interest Rate
As with every lender, Ascent’s interest rates will vary based on loan type, credit history and whether or not you’re applying with a co-signer.
Ascent’s rates are competitive within the private loan market, and are available as both fixed and variable. Borrowers should consider whether they prefer the stability of a fixed interest rate or the potential savings of a variable rate, which may start low but can fluctuate over time.
Ascent Student Loan Requirements
Ascent Student Loans Minimum Credit Score
Ascent’s minimum credit score is in the low-mid 600s but they do not disclose their exact credit-decision criteria, including minimum credit score requirements, which are subject to change and may also depend on the credit score of a borrower’s co-signer.
However, borrowers can check what rates they prequalify for without impacting their credit score by filling out a simple, four-step application online.
Ascent Student Loan Co-signer Requirements
Co-signers must meet Ascent’s minimum credit score requirement. Ascent also looks at other factors, such as credit history.
Ascent Student Loans Co-signer Release
Borrowers can apply to release the co-signer from their loan after making 12 consecutive, on-time payments and meeting other eligibility criteria such as minimum credit and income requirements.
Ascent Student Loans Login
Borrowers can manage their loans through their Ascent student loans login. This online portal allows you to view your loan balance, make payments and update personal information.